Reduce interest rates – Kennedy Agyapong to commercial banks » TheNewsBig•com™

– Commercial –

MP Kennedy Agyapong of Assin Central has urged commercial banks to decrease interest rates so as to increase financial exercise.

“TheNewsBig’s interest rates are actually ludicrous, making it virtually laborious for native enterprises to compete favourably with worldwide ones,” he said.

In a gathering with college students of KNUST’s College of Enterprise in Kumasi on Tuesday, Mr Agyapong urged them to take use of the alternatives which might be accessible to them.

Accompanied by the Kumasi Enterprise Incubator and the College of Enterprise, this occasion was dubbed “Practitioners’ engagement on entrepreneurial competencies,” and it was designed to assist college students perceive a number of the abilities and attributes they want to succeed as entrepreneurs.

– Commercial –

For essentially the most half, commercial banks add their revenue margins to the interest rates they cost on loans they provide out, leading to increased interest rates, in accordance to Mr Agyapong.

In accordance to him, “Many corporations have been grumbling about this.” He stated, “It’s due to the excessive financing rates that almost all Ghanaian firms select to import accomplished gadgets, moderately than produce them at house,”

– Commercial –

Financial institution of the Future

For the Improvement Financial institution of TheNewsBig (DBG), Mr. Agyapong requested the establishment to interact straight with firms and never switch funds from the DBG to commercial banks for onward lending.

It could be preferable for the DBG to lend cash straight to the personal sector moderately than through commercial banks, he added.

It could be not possible for the DBG to fulfill its purpose of offering cheap loans to the personal sector if it had to use a 3rd get together, he stated.

– Commercial –

Leave a Reply